According to the latest announcement, OKLink, a leading global provider of Web3 on-chain data and compliance solutions, has announced a strategic partnership with Hashkey Exchange, Hong Kong’s first licensed retail virtual asset exchange. This alliance aims to increase the compliance and security measures of Hashkey Exchange by leveraging OKLink’s cutting-edge on-chain data and anti-money laundering (Onchain AML) services.
Hashkey Enhances Regulatory Compliance
As Hong Kong’s first licensed retail virtual asset exchange, Hashkey Exchange has set the standard for secure and compliant cryptocurrency trading. The exchange has been a pioneer in offering a wide range of virtual assets to retail investors, all while adhering to stringent regulatory guidelines.
Operating under Ouke Cloud Chain Holdings Limited, OKLink has established itself as a global leader in the provision of Web6 on-chain data and compliance solutions. In addition to the partnership with Hashkey Exchange, OKLink offers an impressive array of products developed through extensive research in blockchain, big data, and artificial intelligence.
Among these are a blockchain explorer, Onchain AML, and Chaintelligence, a one-stop investigation and traceability platform. OKLink’s reach is expansive, covering over 170 different blockchain networks. The company has amassed a staggering 1000,300TB of on-chain data, 34 billion on-chain transactions, and more than 7000 billion address labels, including nearly a million black and grey address labels.
OKLink’s Onchain AML suite, which includes two key products, KYT (Know Your Transaction) and KYA (Know Your Address), is set to be a catalyst in Hashkey’s Hong Kong regulation. KYT leverages OKLink’s vast database to correlate on-chain addresses with real-world entities, helping to monitor risky transactions and identify malicious addresses.
This is particularly beneficial for Hashkey, who needs to meet stringent compliance and risk control requirements. On the other hand, KYA identifies, analyzes, and classifies the risk types associated with on-chain addresses, aiding regulators in digital asset investigations and helping enterprises screen initial transaction risks. The integration of these advanced tools into the partnership with Hashkey Exchange enhances its regulatory compliance.
Ren Yunan, Chairman of the Board and Chief Executive Officer of Ouke Cloud Chain, said, “We are very pleased to establish this strategic partnership with HashKey to contribute to the development of virtual asset compliance in Hong Kong. OKLink has been committed to providing leading data analytics and compliance solutions for virtual asset platforms worldwide. We look forward to jointly promoting the sustainable development of the digital asset industry by providing efficient and secure on-chain services for HashKey.”
Urgency Of Hong Kong’s Regulatory Environment
HashKey Exchange, as Hong Kong’s first licensed retail virtual asset exchange, sets the gold standard in areas like licensing compliance, capital safeguarding, and platform security. The exchange has received the green light from Hong Kong’s Securities and Futures Commission (SFC) to operate under Type 1 and Type 7 licenses, ensuring full compliance for its virtual asset trading platforms.
Serving as the business of HashKey Group, the exchange offers a comprehensive range of virtual asset trading services to both professional and retail investors.
As the virtual asset market in Hong Kong becomes increasingly accessible to retail investors, the onus is on trading platforms to ramp up both security measures to protect user assets and compliance protocols to meet regulatory standards.
Livio Weng, Chief Operating Officer of HashKey Group, said, “Compliance and security are always top priorities for the HashKey trading platform. At the beginning of the project, the platform is designed and developed in accordance with regulatory requirements to achieve native compliance. We believe that OKLink’s expertise in data analytics and compliance will provide us with valuable support for on-chain compliance and anti-money laundering, making it easier for Hashkey to provide a secure and transparent trading environment for retail investors.”
This not only opens up new avenues for retail investment but also sends the industry toward a more sustainable and healthy future. OKLink, a global leader in Onchain AML services, enhances this trajectory with its exceptional data analysis skills. The partnership with HashKey Exchange enhances OKLink’s already strong position as an innovator in compliance, promising a more secure and transparent future for virtual asset trading.